The prevalence of type 2 diabetes mellitus (T2DM) is increasing worldwide. T2DM is associated with both microvascular (neuropathy, nephropathy and retinopathy) and macrovascular complications [coronary artery disease (CAD), stroke, carotid artery disease and peripheral artery disease (PAD)]. Apart from acting on diabetic dyslipidemia, statins were shown to exert beneficial effects on several diabetic complications as well as other cardiovascular (CVD) risk predictors such as endothelial dysfunction, inflammation, oxidative stress, chronic kidney disease (CKD), non-alcoholic fatty liver disease (NAFLD), metabolic syndrome (MetS), obstructive sleep apnea syndrome (OSAS) and hyperuricemia. Several clinical trials involving T2DM patients have reported significant reductions in coronary and cerebrovascular events following statin treatment. However, a modest statin-related risk of new-onset diabetes (NOD) has been reported but that did outweigh the benefit of CVD risk reduction in high-risk individuals. Overall, statin use is beneficial and should be recommended in diabetic patients to target their increased CVD risk.